Life changes — and your giving can too. Including St. Patrick Catholic School in your will or living trust is one of the most flexible gifts you can give. You can adjust the terms at any time, so you never have to choose between generosity and peace of mind.

It can be as simple as a single sentence. Your gift can take any form that works for you: a specific dollar amount, a percentage of your estate, or whatever remains after your other wishes are fulfilled.

An Example of How It Works

With three minor children, Andrew and Amy knew that it was time to create an estate plan for their family. They found that the estate planning process helped them reflect on the people and nonprofits that were important to them and the legacy they would like to leave. They learned how easy and flexible it can be to include one sentence to make a gift to The SPS Foundation for a percentage of their estate or a specific dollar amount.

SAMPLE LANGUAGE FOR AN UNRESTRICTED GIFT: 

For an unrestricted gift that allows St. Patrick Catholic School to determine how to use the funds based on the most pressing needs, use the following language for your will and/or trust:

“I give to St. Patrick Church dba St. Patrick School, a nonprofit corporation currently located at 140 Church Street, or its successor thereto, _________ [written amount or percentage of the estate or description of property] for its unrestricted charitable use and purpose.”

SAMPLE LANGUAGE FOR A GIFT WITH A SPECIFIC PURPOSE:

“I give to St. Patrick Church dba St. Patrick School, a nonprofit corporation currently located at 140 Church Street, or its successor thereto, _________ [written amount or percentage of the estate or description of property]. This gift should be used for (state purpose) if and so long as St. Patrick Church dba St. Patrick School determines that the need exists. If St. Patrick Church dba St. Patrick School shall determine at the outset or at a later time that the need does not exist, or no longer exists or for some reason it is not possible (or prudent) to administer my gift as originally intended, then St. Patrick Church dba St. Patrick School may, in its sole and uncontrolled discretion, direct the use of my bequest for a purpose related as closely as possible to that stated above.”

Please let us know. If you’ve named St. Patrick Catholic School in your will or trust, we’d love to hear from you — so we can honor your intentions and plan for your gift’s impact. Prefer to keep it private? We’ll hold your name and details in complete confidence.

For many donors, a beneficiary designation is the simplest planned gift of all — no attorney, no estate plan, just a form.By naming St. Patrick Catholic School as a beneficiary on an IRA, retirement plan, life insurance policy, donor-advised fund, or commercial annuity, you can make a meaningful gift while keeping full control of your assets during your lifetime.

Updating a designation is easy: request a change-of-beneficiary form from your plan administrator or download it from your provider’s website, fill in your wishes, and return it. You can revise your designation at any time as your circumstances change.

One added benefit worth knowing: assets transferred directly from an IRA to St. Patrick Catholic School may avoid federal income taxes that would otherwise apply if those funds passed to family members or other beneficiaries — making it one of the most tax-efficient ways to give.

An Example of How It Works

Robert and Carol treasure the financial help they have been able to give their children and The SPS Foundation over the years. The couple recently updated their will to leave stocks and real estate to their kids. They left The SPS Foundation a $75,000 IRA to be transferred following their lifetime. Because The SPS Foundation is tax-exempt, all $75,000 will help support our mission.

If Robert and Carol had left the IRA to their children, approximately $18,000* would have gone to pay federal income taxes—leaving only $57,000 for their family’s use. Robert and Carol are happy knowing they are making the most of their hard-earned money thanks to their updated estate plan.

*Based on an assumption of a 24% marginal income tax bracket.

Naming St. Patrick Catholic School as a beneficiary on your IRA or other retirement account is one of the simplest — and most tax-smart — planned gifts available. Contact your plan administrator to request a beneficiary designation form. No attorney required.

A Special Opportunity for Those 70½ and Older
You can give any amount—up to $111,000 this year—directly from your IRA to a qualified charity such as St. Patrick Catholic School without paying income taxes on the distribution. Gifts of any amount up to this limit qualify, allowing you to make a meaningful difference at The SPS Foundation. This option is commonly known as an IRA charitable rollover, or a qualified charitable distribution (QCD).

Why Consider This Gift?

• Your gift goes to work right away, so you can see the impact it makes.
• If you are required to take minimum distributions, your gift can satisfy all or part of that requirement.
• You pay no income taxes on the gift. The transfer generates neither taxable income nor a tax deduction, so you benefit even if you do not itemize.
• Because the gift is not counted as income, it may help lower your annual income level—potentially reducing Medicare premiums and the portion of Social Security subject to tax.

This is a simple and effective way to support the future of St. Patrick Catholic School while making the most of your financial resources.